The harsh winter weather encountered in Texas last week took a bite out of Permian Basin giant Pioneer Natural Resources Co.’s oil production, but the company should make up the loss and more in 2021, CEO Scott Sheffield said Wednesday. The winter storm last week knocked out about 30,000 b/d of oil output, but most…
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Diamondback CEO Says Texas Storm Knocked Out Multiple Days of Permian Production
Permian Basin pure-play Diamondback Energy Inc.’s oil production is almost back to levels before Texas was stopped in its tracks by last week’s wintry blast, but it will take some time to make up the difference, CEO Travis Stice said Tuesday. Speaking during the fourth quarter conference call, Stice told analysts that Permian oil output…
Devon All In on Permian Delaware, with Most Capital, Rigs Set for New Mexico, Texas
The Permian Basin will be the go-to target for Devon Energy Corp. this year, with 80% of this year’s capital budget and nearly all of the rigs directed to the massive formation. The Oklahoma City-based independent issued its legacy fourth quarter and full-year results last week. Results from WPX Energy Inc., which completed its merger…
U.S. Oil Production Unlikely to Gain Ground in 2021, Dallas Fed Economists Say
Even as prices recover, U.S. oil production is likely to only inch ahead – at best – in 2021 as producers focus on cash flow and returning capital to shareholders in bids to win back investors’ trust following the severe slump of 2020, economists at the Federal Reserve Bank of Dallas said Monday. Kunal Patel,…
One Natural Gas Rig Added in U.S., Offsetting Small Contraction in Oil Patch
The United States added one natural gas rig to grow its tally to 91 for the week ending Friday (Feb. 19), while the departure of one oil-directed unit left the overall domestic tally unchanged, according to the latest data from Baker Hughes Co. (BKR). The combined U.S. rig count ended the period at 397, which…
U.S. Petroleum Inventories Drop Again; Expectations Mount for Another Pull Following Texas Freeze
Domestic crude oil inventories dropped substantially for a second straight week for the week ended Feb. 12, the U.S. Energy Information Administration (EIA) said Thursday, as demand increased and production declined. Analysts said the surge in frigid weather that blasted the nation’s midsection this week and upended daily life in Texas – where energy infrastructure…
EIA Models Falling Natural Gas Output from Seven Key U.S. Regions in March
Natural gas production from seven key U.S. shale plays is set to fall by a combined 560 MMcf/d from February to March as output from most major producing regions is expected to slow over the next month, according to the U.S. Energy Information Administration (EIA). Combined natural gas output from the Anadarko, Appalachian and Permian…
Natural Gas Market Chaos Continues as Texas Governor Bans Producers From Selling Outside State
The fallout of the prolonged Arctic freeze that’s draped over the central United States and into Texas is still unfolding, with a temporary ban on gas exports out of the Lone Star State the latest development in the ongoing crisis. Hours before the surprising announcement, steep decreases in production and large swings in demand fueled…
Natural Gas Production from Seven Key U.S. Shale Plays to Fall from February to March, EIA Says
Natural gas production from seven key U.S. shale plays is set to fall by a combined 560 MMcf/d from February to March as output from most major producing regions is expected to slow over the next month, according to the U.S. Energy Information Administration (EIA). Combined natural gas output from the Anadarko, Appalachian and Permian…
Saudi Arabia May Reverse Course, Respond to Rise in Oil Prices with Increased Production
Saudi Arabia, which leads the Organization of the Petroleum Exporting Countries (OPEC), may quickly ramp up production this spring, following the recent momentum in oil prices and its own expectations for increased demand in the second half of 2021. It would mark a stark shift from its current stance. OPEC and its allies, aka OPEC-plus,…